About

Brics

BRICS represents the first important non-Western global initiative in the post-Cold War world. It brings together five major emerging powers located in different parts of the world — Brazil, Russia, India, China, and South Africa, with the first letter in their names making up the acronym BRICS. In fact, the BRICS grouping can be called the R-5, after the names of its members’ currencies — the real, ruble, rupee, renminbi, and rand.

* HistoryThe foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008.

* First summitThe BRIC grouping's first formal summit commenced in Yekaterinburg on June 16, 2009, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending. The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future. There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.

According to Forbes, "The general consensus is that the term was first prominently used in a Goldman Sachs report from 2003, which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers."

* Entry of South AfricaIn March 2012, South Africa appeared to join BRIC, which thus became BRICS. At that time, Brazil, Russia, India, China and South Africa met in India to discuss the formation of a development bank to pool resources. At that point, the BRIC countries were responsible for about 18% of the world's Gross Domestic Product and were home to 40% of the earth's population.

* BRICS summitsThe grouping has held annual summits since 2009, with member countries taking turns to host. Prior to South Africa's admission, two BRIC summits were held in 2009 and 2010. The first five-member BRICS summit was held in 2011. The most recent summit took place in New Delhi, India, on March 29, 2012.

Development and prosperity is the common purpose of BRICS countries. The BRICS cooperation mechanism is not directed against any country or any system. The main reasons as to why these countries were envisaged to be the next global forces were their enormous reserves of natural resources, land, as well as manpower.

Developed countries mainly established the existing world economic system and as latecomers to industrialization, BRICS countries hold the same belief as all other emerging economies that the current world economic order is unfair and unreasonable. The reason is that it can neither adapt to the changing global economic structure nor satisfy emerging markets' common needs of economic transformation.

It is under the current world economic system that BRICS countries have grown rapidly and made constructive contributions to the world development. Given the benefits they have enjoyed, BRICS nations prefer gradual reform of the current economic system to complete abandonment.

Stature of BRICS

The five emerging economies under the BRICS umbrella on Thursday, aware of their growing global stature, offered the most audacious challenge to the old economic order by proposing to trade among themselves in their local...

You May Also Find These Documents Helpful

...“BRICS – Emerging Power”
BRICS is an acronym for the group of emerging market countries including Brazil, Russia, India, People’s Republic of China and South Africa. Earlier the group consisted of only four countries, namely Brazil, Russia, India and People’s Republic of China and was named as BRIC. South Africa joined the group on December 24, 2010 and the enlarged group was named BRICS.
Though the BRIC countries met for their first official summit on 16 June 2009, in Yekaterinburg, Russia discussions and exchange of views had begun in September 2006, at a meeting of the BRIC foreign ministers. Four high-level meetings followed, including a full-scale meeting in Yekaterinburg, Russia, on May 16, 2008.
The first official BRICK summit, conducted on 16 June 2009 was attended by Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China. The focus was on improving the global economic situation and discussing how the four countries can better work together in the future, as well as a push to reform financial institutions. An important issue was how emerging markets countries could be better involved in global affairs in the future. A key outcome was the suggestion for a new global reserve currency that would be 'diversified, stable and predictable'.
The second BRIC summit took place in...

...
The BRICS, represents Brazil, Russia, India and China.
The idea was coined by Goldman Sachs in 2001. The BRICS growing importance for the world economy is reflected by various economic and demographic indicators. These include, but are not limited to, their increasing share in world GDP; share in world trade; trade openness and increasing forex reserves; and their foreign direct investment (FDI) inflows and outflows.
Regional/common market and share in global GDP
484911368829The BRICS economies, if viewed collectively over the last two decades, have emerged as a force to be reckoned with. This is duly reflected by the increasing share of BRICS in the world GDP. From a share of a little over 10% of the world GDP in 1990, BRICS now commands a share of more than 25%. This implies that the economic size of BRICS in terms of its share in world GDP expanded by 150% in the two decade periods.
Share in global trade
As in the case of their share in world GDP, the BRICS share in world trade has also
improved significantly over the last two decades, from 3.6% to over 15%. The primary
contribution to this in terms of value has come from China, whose share has increased from less than 2% to over 9%. This is, however, not to argue that other BRICS countries have not contributed. Their shares have also increased, with Brazil’s share rising from 0.8% to 1.2%; Russia’s...

...
Programme
:
FBMP
1|Page
IMPACT OF BRICS ON THE SOUTH AFRICAN
ECONOMY
BRAZIL, RUSSIA, INDIA, CHINA, SOUTH AFRICA
2|Page
Table of Contents
1. Executive Summary
Page 1
2. Introduction
Page 2
3. Analysis
Page 3
3.1
What is BRICS?
Page 3-5
3.2
BRICS countries economic performance
Page 6-9
3.3
International Monetary Fund (IMF)
Page 10
3.4
World Bank
Page 10-11
3.5
How has S.A gained from its association with BRICS?
Page 11-13
4. Conclusions
Page 14
5. Bibliographies
Page 15
3|Page
1.
Executive Summary
Brazil, Russia, India, China and South Africa (BRICS) are the names of an association of
emerging economies. The BRICS members are all developing countries with large, rapidly
growing economies.
South Africa (S.A) was the last country to join the association. With members like China and
India who are emerging superpowers of the world, the benefits to S.A as a country are
substantial. South Africa has come into the world spotlight after hosting the 2010 Soccer
World Cup and BRICS can prove to be an important association to help us capitalize on the
exposure we received.
BRICS nations are quickly evolving from emerging markets to growth markets. They
represent a major shift in the geopolitical chessboard.
1|Page
2.
Introduction
Members...

...﻿Introduction:
About the BRICS:
The Big Four or the BRIC nations is a grouping referring to Brazil, Russia, India and China that are said to be on the same stage of economic development. One- fourth of the world activities take place in these emerging markets. The acronym BRIC was first used by an economist Jim O’Neill from Goldman Sachs (2001) in the paper- “Building Better Global Economic BRICs” where he predicted that these four nations will comprise more than 10% of the global output by the end of the decade.
We have seen that from beginning of the British Revolution in the 18th century till 20th century, Europe and United States have shaped out to be the economically dominant superpowers. Although now, the era seems to subside as China and India are emerging as superpowers. The political and economic power seems to shift to the East which seemed to be impossible 20 years ago. The economic potential of these four counties is such that they are expected to be dominating the global market by 2050.Since 1980; the average annual growth rate of China has been close to 9.8% followed by India and Brazil showing average annual growth rates of 5.8% and 2.4% respectively. Since 1988, Russia has also followed suit and has shown high growth rates but still lacks behind. The formation of this group has undergone a lot of controversy that whether at all these four nations together make any sense because at that time the...

...Global business environment
BRICS will continue to dominate the world’s economy!
25/11/11
BRICS will continue to dominate the world’s economy!
BRICS also referred as “golden Brics” have been in the last 10 years leading powers of our global economy. BRICS are composed of five very different countries with diverse pattern of growth; Brazil, Russia, India, china and most recently South Africa; with one point in common, their desire to grow in prosperity and security On almost every scale, the so called BRICS have a greater entity on a global stage, representing 40% of the worlds of the world’s population and almost 25% of the world’s land coverage, (Blake Hounshell,2011). Due to their enormous growth, the BRICS will soon change the ranking of national economies considerably, where the United States will not be the leading economy. As a result they are the only a key powers able to help us survive this economic disaster. Throughout this essay we will be emphasizing the main features that make BRICS so dominant and then will go on to talk about potential outburst of future Brics. But in order to do so, this essay will argue in favor of the Brics, and how we should perceive it as an opportunity rather than a threat. Additionally we will be taking into account the political and social influence of brics on to...

...﻿
BRIC
The four BRIC countries which includes Brazil, Russia, India and China are distinguished from a host of other promising to emerge markets by their demographic and economic potential to rank among the world’s largest and most influential economies in the 21st century.Together, the four original BRIC countries which include more than 2.8 billion people or 40 percent of the world’s population, cover more than a quarter of the world’s land area over three continents, and account for more than 25 percent of global GDP.
1Brazil, Russia, India and China combined.which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers.
2From 2000 to 2008, the BRIC countries’ combined share of total world economic output rose from 16 to 22 percent. Together, the BRIC countries accounted for 30 percent of the increase in global output during the period.
3The BRIC thesis believes that China and India will become the world's big suppliers of manufactured goods and services, while Brazil and Russia will also become big suppliers of raw materials.
BRIC Countries’ Path to 2050
A country’s population and demographics, among other factors are affect the potential size of its economy and its capacity to function as an engine of global economic growth and development. As early as 2003, Goldman Sachs forecasted that China and India...

...﻿Contents
Introduction
In economies, BRIC is an acronym that refers to the fast-growing developing economies of Brazil, Russia, India, and China. The BRIC countries idea was first conceived in 2001 by
Jim O'Neil, the chief economist of Goldman Sachs.
After a meeting at New York on 21st September 2010 by BRIC Foreign Ministers, they agreed that South Africa may be invited to join BRIC. South Africa officially became a member of BRIC on 24th December 2010 and they were invited to attend the 3rd BRICS Summit in Sanya on 14 April 2011. The group was renamed BRICS – with the "S" standing for South Africa to reflect the group's expanded membership.
Goldman Sachs predicted that BRIC economies would become much bigger shares of the global economy by 2050. According to the prediction, China and India would become the first and the third largest economies by 2050, while Brazil and Russia capturing the fifth and sixth spots.
Together, the BRICS nation makes up more than 20% of the world land area and more than 40% of the world population. In 2012, the BRICS nation has a combined nominal GDP of approximately $14.9 trillion, which is around 19% of world GDP. Since the end of 2009, the BRICS alone have make up for more than 50% of the global economic growth.
Objectives of BRICS
To discuss...